In today's real estate market people are spending a good deal of time trying to find ways to make their primary residence pay off a little bit better. One way that this can be done is by installing or renovating an income suite. Income suites are fantastic for helping out with monthly bills, mortgage payments and are better for the safety of the home. In a general sense a good income suite can almost or entirely pay your monthly mortgage payment leaving that money available to you for your other bills and costs. Finding the right tenants for such a suite is imperative as this is your primary residence and your respite from the world so the tenants have to be perfect. If you are the kind of person that goes on long trips this can also bring real peace of mind as there is someone taking care of the home, and who is there on a regular basis.
If your home does not already have a suite then they are relatively simple to install.
The main thing that you will have to worry about is putting in the kitchen. Now the kitchen for a suite does not need to be huge but it should have all the trappings of a regular kitchen that is; stove, sink, storage space, fridge etc. Organizing the space so that kitchen sinks and bathroom sinks and the shower or tub can plug into existing plumbing can save you allot of money in startup costs. Plumbing can end up being a major cost so try to plan out the suite accordingly. Also try to think about what the average renter needs and try to supply that. The more amenities you supply the more you will be able to get for the suite on a monthly basis.
This is also a great way to add value to your home as home buyers love to see properties with secondary suites. This is especially true of real estate investors. Any kind of property that offers a dual income opportunity will be a highly prized property. Investors spend months looking for the right dual income properties, as they really are ideal rental properties. Careful planning is essential in an kind of rental situation so plan this out properly and it should be quite profitable.
